Jagran Prakashan board approves share buyback for up to Rs101.2cr

The company approved the buyback of the company's fully paid-up equity shares for an aggregate amount not exceeding Rs101.25cr at a price not exceeding Rs75 per equity share.

Dec 09, 2019 09:12 IST India Infoline News Service

Jagran Prakashan
Jagran Prakashan board approved the buyback of the company's fully paid-up equity shares for an aggregate amount not exceeding Rs101.25cr at a price not exceeding Rs75 per equity share.

The Maximum Buyback Size represents 8.56% and 5.55% of the aggregate of the total paid-  capital and free reserves of the Company based on the audited standalone and consolidated financial statements of the Company as at March 31, 2019, respectively (being the latest available audited financial statements of the Company), which is less than 10% of the total paid-up capital and free reserves of the Company and in accordance with the proviso to Regulation 5(i)(b) of the Buyback Regulations and Section 68(2)(b) of the Companies Act.

The Board has also constituted a committee for the purposes of the Buyback (the "Buyback Committee") and has delegated its powers to the Buyback Committee to do or cause to be done all such acts, deeds, matters and things, in its discretion, deem necessary in connection with the Buyback.

The Board has appointed the undersigned as Compliance Officer for the purposes of the Buyback. The public announcement setting out the process, timelines and other statutory details of the Buyback will be released in due course, in accordance with the Buyback Regulations.

Stock view:
Jagran Prakashan Ltd is currently trading at Rs57.25, down by Rs4.5 or 7.29% from its previous closing of Rs61.75 on the BSE.

The scrip opened at Rs62.10 and has touched a high and low of Rs63.50 and Rs57.10 respectively.

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